Risk-Off Pressure, Miner Supply Re-Emerges, and Defining Downside Clusters
Feb 23, 2026
• 2
Min Read
Discussed in today's video:
Risk-off tone led by growth equities. Crypto began selling off Sunday night, effectively front-running a broader risk-off move across equities. The decline coincided with renewed weakness in SaaS and other AI-exposed growth stocks, which accelerated lower as the AI disruption trade extended. Given crypto’s persistent correlation to higher-duration growth assets, it followed that weakness. Macro crosscurrents remain in play. The move is consistent with the macro pressures I highlighted last week, including stretched positioning across risk assets and fragil...
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